Mike Cagney’s Figure Lays Off 20% of Staff Amid IPO Plans (1)

Figure Technologies Inc. laid off 90 employees this week, or about 20% of its staff, according to documents reviewed by Bloomberg. The company is also starting to interview bankers in advance of a planned initial public offering for its lending business next year, the documents show.

A representative for Figure declined to comment.

Figure was co-founded by Mike Cagney, the former chief executive officer of Social Finance Inc., or SoFi. Cagney started Figure with the goal of building financial products with blockchain technology. Like most crypto-adjacent startups, Figure has lost talent and struggled to raise funds during an industry downturn.

However, the ...